Austin Unemployment Rate Continues To Drop

City’s unemployment rate of 2.2 percent part of statewide trend, with Texas setting new historic record low rate of 3.5 percent.

By Tony Cantu,

The unemployment rate in Austin continues to drop. The Texas Workforce Commission on Friday reported an an unemployment rate of 2.2% for the Austin region, down from 2.3 percent in April.

That’s chamber-of-commerce kind of news. In fact, the findings prompted Austin Chamber Senior Vice President, Talent, Drew Scheberle to enthusiastically release a statement in response to the report: “The Austin region is entering our fifth year in full employment. Employers tell us they are still hiring great people at one of the fastest rates in the country. Austin area residents – new and old – have 50,000 open job opportunities to choose from.”

Despite the glowing jobs report, this is no time to rest on one’s laurels, Scheberle added: “We also know that the Austin region mustn’t be complacent. Earlier this month, the Austin Chamber and our partners at State of Talent laid out multiple ways for employers to more deeply engage with our regional talent to obtain new skills, certifications and degrees to further their careers.”

The TWC’s report comes in the wake of the chamber’s State of Talent event earlier this month, which featured discussions with leaders from our business community, educational institutions and government. Representatives from those sectors focused on the challenges and solutions to deepening the supply of talent in the Austin region, Scheberle explained. Business leaders have been asked to provide additional feedback indicating how they can assist in upskilling Austin’s talent base.

Austin was just a piece of the bigger jobs fabric, as Texas overall set a new historic low in unemployment levels, according to the TWC. State analysts said the Texas economy saw additional positive employment growth in May, with 19,600 seasonally adjusted non-farm positions added over the month.

The Texas economy’s seasonally adjusted unemployment rate in May 2019 set a new historic record low rate of 3.5 percent breaking the previously held low rate of 3.7 percent last held in April, officials added. This new record low 3.5 percent unemployment rate is currently the lowest it has ever been since series tracking began in 1976, according to TWC researchers.

“This month’s record low unemployment rate of 3.5% highlights the competitive strength of our Texas economy and is a testament to the hard work of our Texas employers and skilled workforce,” TWC Chair and Commissioner Representing Employers Ruth R. Hughs said in a prepared statement. “Our economy is thriving across multiple industries, attracting new companies every day, showing that Texas is the best state in the nation to do business.”

Read the TWC’s report by clicking here.

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